Chinese Stock Market Crashed, Other Countries Panic!

The Chinese Stock Market is evidently in trouble. The market lost hundred of billions within a day. Today has been described as 'China's Black Monday' due to the unfortunate incident.

Other countries in Europe and America are already showing fears. Companies like Apple are already
putting measures in place to reduce the impart of the crash.

As at this moment, African countries appear not to be aware of this development and the later impart. Countries like Nigeria should quickly act to prevent the effect as China is a major player in the Nigerian economy.

Larry Summers, the former US Treasury Secretary, took to social media to add his concern for United States about the situation and called on the Federal Reserve to abstain from a September interest rate hike.

"As in August 1997, 1998, 2007 and 2008 we could be in the early stage of a very serious situation," he wrote on Twitter.